Tag: AI

September 22, 2023

The advent of generative artificial intelligence (AI) has not only transformed the insurance industry’s view on artificial intelligence and machine learning (ML), but it’s also become a driving force for insurtechs to speed up their innovation and develop increasingly adaptive […]

September 7, 2023

Now that virtual and photo-estimating have become commonplace in insurance claims processes, collision repairers likely are aware of the challenges it can potentially cause — undervalued vehicles, undervalued damage, extended length of keys to keys, et cetera. But have you […]

August 3, 2023

The adoption of generative artificial intelligence (AI) like ChatGPT is projected to take off across the insurance landscape, with one expert putting the timeline at 12 to 18 months. Vikas Bhalla, executive vice president and head of insurance at data […]

August 2, 2023

Gradient AI, a software provider for the insurance industry, has announced a new partnership. American Trucking and Transportation Insurance Company, a Risk Retention Group (ATTIC, RRG), has selected Gradient AI’s claims management solution to enhance their ability to predict claim […]

July 18, 2023

Tractable, the London-based insurtech that uses artificial intelligence (AI) for visual claims assessments and disaster recovery, announced a $65M Series E investment led by SoftBank Vision Fund 2. Existing investors Insight Partners and Georgian participated in the round. Tractable said […]

June 16, 2023

Global data analytics and technology provider Verisk is expanding its anti-fraud claims solution with artificial intelligence that will enable insurers to identify potential fraud in claims photos with “lightning speed and laser precision.” “Drawing on millions of claims images in […]

May 24, 2023

Whether it’s underwriting, claims or customer service, it seems that artificial intelligence is top of mind for the insurance industry right now. William Bennett, partner at law firm Saxe, Doernberger & Vita, said on this episode of The Insuring Cyber […]

April 12, 2023

“I do appreciate the conservative nature of insurance,” Hackett said, speaking with The Insuring Cyber Podcast from the 2023 PLUS Cyber Symposium held this year in New York City. “You know, this is why the industry is still around. It’s […]

March 21, 2023

CompScience Insurance Services has announced a managing general agent (MGA) agreement with Nationwide and Swiss Re to underwrite, bind and service workers’ compensation policies. Josh Butler, Founder and CEO, CompScience, commented, “We are pleased to be partnering with Nationwide and […]

March 15, 2023

Advancements in technology have given new life to the slow, inefficient processes common in the insurance industry. While the influx in AI-operated systems has some employees worried about job security, there are plenty of reasons why human touch is still […]

March 7, 2023

Whatever your feelings are about generative artificial intelligence (AI), ChatGPT believes it can positively impact the insurance industry. The chatbot, which became a global sensation after its launch in November, made a case for itself at a demonstration at the […]

December 2, 2022

A new report by the Bermuda Monetary Authority (BMA) has concluded that use of artificial intelligence and machine learning technologies in the Bermuda re/insurance market is still currently in its infancy, but is set to pick up significantly over the […]

September 30, 2022

This week, nine new insurtechs have joined the annual cohort program for Lloyd’s Lab. COVU hired a number of new executives. Cover Whale unveiled two new technology platforms. Stere raised a seed financing round. Marsh McLennan’s Guy Carpenter arm will […]

July 15, 2022

Tensorflight, the AI imaging based insurtech, is partnering with Airbus Defence and Space to increase its property analysis and assessment capabilities. Tensorflight uses three sources of imagery – satellite, aerial and ground level – to automate the process of property […]

April 11, 2022

Old school vs. new school. Every so often, a debate echoes down the corridor of time as the disrupters of the status quo burst on the scene with novel ways of doing things, while the established players cling to the […]

February 28, 2022

Descartes Underwriting, a parametric-specialized provider of corporate insurance against nat cat and climate risks, has formed a new partnership with Reask, a tropical-cyclone risk analytics firm. The collaboration aim to expand parametric cyclone insurance into new locations by combining wind […]

January 20, 2022

Insurtech Reask, an Australian science and technology company that focuses on natural hazard modeling, announced it has closed its seed funding round, led by Tencent, the global technology giant headquartered in China. The funding will support the next stage of […]

November 9, 2021

AI-powered insurtech Lemonade has entered into a definitive agreement to acquire pay-per-mile auto insurer, Metromile Inc., in an all-stock transaction that implies a fully diluted equity value of roughly USD 500 million, or just over USD 200 million net of […]

November 2, 2021

Russian tech giant Yandex plans to reward responsible drivers on its car-sharing platform with cheaper insurance this year, it told Reuters, using machine learning in a pilot program similar to one already adopted by Tesla. Newly listed Renaissance Insurance has […]

April 16, 2021

AI is revolutionizing all fields of life, and the insurance industry is no exception. Insurance firms can automate various manual activities with AI and machine learning, driving higher customer loyalty and providing their services quicker. According to Google Trends, since […]